Trish Cotter, Associate Director, Martin Trust Center for Entrepreneurship
On this year’s International Women’s Day, I’d like to reflect on how we can encourage women to speak up, be heard, and support each other. The #metoo movement has brought to light countless examples of abuse, mistreatment and harassment, but if there is one positive glimmer out of all that is being shared, it’s a sense of solidarity and empowerment.
I believe that entrepreneurship can be a path to channeling that that energy and creating positive outcomes.The time is now to step up and speak out. The time is now to take control of your own destiny. Stop saying “I’m sorry” and start saying “I’m ready to make a difference.”
I believe that sometimes making a difference is being your own boss. In my role as Director of MIT’s educational accelerator program, delta v, I work every day with both female and male student entrepreneurs. Some of these students have ideas that may change the world someday, but even more important is their sense of pride and accomplishment when they can make decisions that shape their own direction and have a positive impact on other people.
Maybe being an entrepreneur is not for everyone. But, if and when you are in a position to define your own path, you have turned the tables and now have control. You can help not only yourself, but others.Read More »
Entrepreneurs are serious players in today’s innovation economy, leaders who can generate wealth, create jobs, and transform the lives of customers and employees alike. And yet only a few women can be found among the entrepreneurial elite. When you examine the venture-capital money going to fund the Biogens and Akamais of tomorrow, only 7 percent is won by female entrepreneurs. Although it is true that fewer women overall found businesses — and those they create tend to be in industries that don’t appeal to venture capitalists (VCs) — research shows that other factors are at play.
Each time I organize panels for my students at the MIT Sloan School of Management, I listen as VCs list their investment criteria: market size, competitive advantage, customer need. But when pressed about the uncertainties inherent in their evaluation, the VCs inevitably fall back on their assessment of the company’s leaders. “I ask myself: Is this a person I want to have breakfast, lunch, and dinner with,” one man told the class. “Are they the first person I think about when I get up in the morning?” asked another. This approach struck me more like a search for a soul mate than for a financial investment. In this process, female entrepreneurs fair poorly. Read More »
I am just back from an exciting weeklong trip to China to meet applicants for a new program MIT Sloan is helping develop at Yunnan University for women entrepreneurs. The program is part of Goldman Sachs’s 10,000 Women Initiative. Goldman’s initiative is a $100 million campaign designed to provide business and management education to promising female entrepreneurs in developing countries.
I met 15 candidates and found them each to be impressive – educated, articulate, and brimming with ideas. They have already experienced some success: some of them had at least 1 million yuan in revenue, which is about $150,000. Read More »